Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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UFLEX LIMITED DIRECTOR’S UPET (SINGAPORE) REPORTPTE LTD (Incorporated in the Republic of Singapore) The company assesses at each balance sheet date whether there is objective evidence that these fi nancial assets are impaired and recognizes an allowance for impairment when such evidence exists. Allowance for impairment is calculated as the diff erence between the carrying amount and the present value of estimated future cash fl ows, discounted at the original eff ective interest rate. 2.5 Trade and other payables Trade and other payables are initially recognised at fair value, and subsequently carried at amortised costs, using the eff ective interest method. 2.6 Revenue recognition Revenue from dividend is recognised upon declaration and approval. Interest income is recognized on a time proportion basis, taking account of the principal outstanding and the eff ective rate over the period of maturity, when its determined such income will accrue to the company. 2.7 Income taxes The current income tax is recognised at the amount expected to be paid to or recovered from the tax authorities. Deferred income tax is recognised for all temporary diff erences except when the deferred income tax arises from the initial recognition of an asset or liability and aff ects neither accounting nor taxable profi t nor loss at the time of the transaction. Current and deferred income tax is measured using the tax rates and tax laws that have been enacted or substantially enacted by the balance sheet date, and are recognised as income or expense in the income statement, except to the extent that the tax arises from a transaction which is recognised directly in equity. 2.8 Functional currency Items included in the fi nancial statements of the company are measured using the currency that best refl ects the economic substance of the underlying events and circumstances relevant to the company (“the functional currency”). The fi nancial statements of the company are presented in United States Dollars, which is also the functional currency of the company. Conversion of foreign currencies Monetary assets and liabilities in foreign currencies are translated into United States Dollars at rates of exchange closely approximating those ruling at balance sheet date. Exchange diff erences arising from such transactions are recorded in the income statement in the period in which they arise. However, where a foreign currency transaction is to be settled at a contracted rate or is covered by a related or matching forward exchange contract, the rate of exchange specifi ed in the contract will be used and any corresponding monetary assets or liabilities will not be retranslated. 2.9 Fair value estimation of fi nancial assets and liabilities The fair values of current fi nancial assets and liabilities carried at amortized cost approximate their carrying value. 2.10 Cash and cash equivalents For the purpose of presentation in the cash fl ow statement, cash and cash equivalents represent cash on hand. 2.11 Provisions Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outfl ow of resources will be required to settle the obligation and the amount has reliably estimated. 2.12 Share capital Incremental external costs directly attributable to the issue of new shares, other than on a business combination, are shown in equity as a deduction, net of tax, from the proceeds. Share issue costs incurred directly in connection with a business combination are included in the cost of acquisition. 3. PROFIT BEFORE TAX This is arrived after charging; US$ Preliminary expenses 2,044 4. TAXATION No provision for tax is made in the current period, as there was no income for the period. 5. SUBSIDIARY US$ Unquoted shares at cost 30,047,847 | 116 | TWENTIETH ANNUAL REPORT 2008 - 2009
DIRECTOR’S UPET (SINGAPORE) REPORTPTE LTD (Incorporated in the Republic of Singapore) Detail of the subsidiary is as follows: UFLEX LIMITED Company Principal Activities Country of Eff ective Percentage Incorporation of equity held Flex Americas Manufacture and sale of Polyester Films, Mexico % S.A. de C.V. BOPP fi lms, PET Films, CPP Films. 100 Subsidiary is not audited by MGI N. Rajan Associates. 6. CASH & CASH EQUIVALENTS Cash at banks US$ 151,120 Cash on hand 73 151,193 7. HOLDING COMPANY The company’s immediate & ultimate holding company is UPET HOLDINGS LIMITED, MAURITIUS and UFLEX LIMITED, INDIA respectively. The amount due to holding company refers to immediate holding company and the amount owing represents non trading advances, unsecured, interest free and no fi xed repayment terms. 8 SHARE CAPITAL Number of shares US$ Issued & fully paid up ordinary shares At the date of incorporation 100 73 Issued during the period 30,200,000 30,200,000 At the end of the period 30,200,100 30,200,073 9. FINANCIAL RISK MANAGEMENT The company does not have any written fi nancial risk management policies and guidelines. The company does not hold or issue derivative fi nancial instruments for trading purposes or to hedge against fl uctuations, if any, in interest rates and foreign exchange. The company’s exposure to fi nancial risks associated with fi nancial instruments held in the ordinary course of business include: a) Price risk i) Currency risk Currency risk is the risk that the value of a fi nancial instrument will fl uctuate due to changes in foreign exchange rates. The company is exposed to currency risk to the extent of its foreign investment. ii) Interest rate risk Interest rate risk is the risk that the value of a fi nancial instrument will fl uctuate due to changes in market interest rates. The company has no interest-bearing fi nancial instruments, hence, is not exposed to any movements in market interest rates. iii) Market risk Market risk is the risk that the value of a fi nancial instrument will fl uctuate due to changes in market prices whether those changes are caused by factors specifi c to the individual security or its issuer or factors aff ecting all securities traded in the market. The company does not hold any quoted or marketable fi nancial instrument, hence, is not exposed to any movements in market prices. b) Credit risk Credit risk is the risk that one party to a fi nancial instrument will fail to discharge an obligation and cause the other party to incur a fi nancial loss. The company has no signifi cant concentrations of credit risk. Cash is held with fi nancial institutions of good standing/ established fi nancial institutions/ reputable fi nancial institutions. c) Liquidity risk Liquidity or funding risk is the risk that an enterprise will encounter diffi culty in raising funds to meet commitments associated with fi nancial instruments. Liquidity risk may result from an inability to sell a fi nancial asset quickly at close to its fair value. The payables are matures in the next 12 months period. 10 COMPARATIVE FIGURES This being the fi rst set of accounts there are no comparative fi gures. TWENTIETH ANNUAL REPORT 2008 - 2009 | 117 | S U B S I D I A R I E S
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Stone Laying Ceremony - Egypt Plant
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Our vision is to create total fl ex
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The Company has reaffirmed its conv
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CORPORATE INFORMATION UFLEX LIMITED
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Key People Shri Pradeep Tyle Sr. Pr
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DIRECTOR’S REPORT | 2 | UFLEX LIM
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DIRECTOR’S REPORT Sl. No. | 4 | U
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DIRECTOR’S REPORT 3. Future plan
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UFLEX LIMITED MANAGEMENT DISCUSSION
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UFLEX LIMITED MANAGEMENT DISCUSSION
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BALANCE SHEET | 26 | UFLEX LIMITED
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CASH FLOW STATEMENT | 28 | UFLEX LI
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SCHEDULES | 30 | UFLEX LIMITED TWEN
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UFLEX LIMITED BALANCE SHEET ABSTRAC
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DIRECTOR’S AKC DEVELOPERS REPORT
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Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

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